I was just checking that Tangerine bank account I opened not too long ago as a get and to get the free $50 bonus. My original intention was to possibly just take the money out right away if I didn’t really see any benefits to leaving it in there. As I checked it today, I noticed that it gained some free interest money. As you can see, it gained 3 cents:
While that number is extremely small, funny enough it kind of encouraged me to want to just keep the money in there as it’s always nice to be able to earn free money. The more I think about it, even as a child seeing these small interest gains like this where I would get like an extra 2 cents a month was enough to make me want to grow it to something bigger. Pretty soon after, it got high enough where the bank would actually mail me yearly statements on how much interest I earned for tax purposes.
So if you are looking for ideas to help people like a child to save money, showing them that they are actually gaining free money with something as simple as the bank statements can be a pretty powerful tool.